Financial crisis: state government to draw loan of Rs 200 crores to meet payment liabilities

By Our Correspondent

Agartala December 07,2018 : Saddled with a huge debt burden of Rs 11000 crores and a proportionate interest payment liability, the state government has decided in a cabinet meeting held yesterday to draw a loan of Rs 200 crorers . The loans will be drawn from NABARD, LIC, HUDCO and other semi-government financial institutions so that the interest liability accruing from this remains at manageable level.

Briefing media persons on the decision the minister for law and education Ratan Lal Nath said that the previous left front government had launched many schemes without making any financial provision for meeting expenses for the same. He said that for altogether 243 projects the state government needed a consolidated amount of Rs 1497.45 crores but the left front had provided for only Rs 450 crores. There was no definite plan for meeting the huge expenses. 'Citing instances I can say that only for construction of a building for health department the left front had left an unmet liability of Rs 171.59 crores while for implementing many schemes of the education department the unmet liability left behind by the left front is Rs 62.7 crores' said Nath.

Nath admitted that the state government owed Rs  421.00 crores to contractors and this is the reason why many contractors now find it difficult to execute allotted work. 'The left front had taken up and launched many projects and schemes which were not needed at the time but could be taken up later on and this resulted in unnecessary burden on the state's exchequer ; but we now have to fulfill this by providing for funds and that is where we are facing lot of problems' said Nath. He however added that all works left incomplete by the left front will be fulfilled by the present government and that is why an amount of Rs 200 crores is being drawn as loan and the NITI Ayog will be approached for another amount of Rs 358 crores.


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